Well, look what the cat dragged in.  While the PSEi was busy creating recent highs, it was making a lot of people happy.  What few noticed was that it was also testing the primary resistance line.

Right smack at 2598, the index met the irresistible force.  The question now is, how strong is the PSEi’s movement?  Can the momentum be sustained to break the downtrend?

Should this level be surpassed, the next area that the index may encounter some difficulty would be around 2800, as that was the high achieved back in August.

The MACD still continues to show that the PSEi’s momentum has not let up yet.  We could see the index try to achieve higher highs.

So who wants to go to paradise?  Even for a short while…

Recommendation: Hold
Resistance: 2598